The deal comes as investors pour money into the $2 trillion
hedge fund industry, buoyed by an upturn in markets and hedge
fund performance this year, raising demand for the services
offered by administrators and other service providers.

Net inflows into hedge funds last year totaled more than $70
billion, according to Hedge Fund Research.

"We really like this business. We believe it's a good fit
for us and makes us a top-three administrator in the world,"
Bill Stone, CEO of Connecticut-based SS&C, told Reuters.

Under TPG's deal, GlobeOp CEO Hans Hufschmid and his senior
management team were set to continue running the firm. Stone
said that under SS&C's deal, GlobeOp management wanting to stay
on would be offered roles.

"We admire them (the GlobeOp management team). (For) any of
the senior people who'd like to stay, we'd be able to find
something meaningful for them to do," he said.

SS&C said in a statement it expects cost savings of at least
$25 million within three years.

GlobeOp, which administers $173 billion in client assets,
kicked off a strategic review in January to try and boost its
share price.

Last week SS&C, which is more than one third owned
by U.S. private equity firm Carlyle Group, proposed a
485-pence-a-share offer. Last month it said it had begun due
diligence on GlobeOp on Jan. 14 and urged shareholders to wait
for its next move.

The move is good news for hedge fund Cheyne Capital, whose
funds have been building a stake in GlobeOp and now own 4.1
percent.
($1 = 0.6355 British pounds)